Saga launches new 2-Year Fixed Rate Savings Account Paying 2.10% gross/AER*

Friday 18 July 2014

• Offers a fixed interest rate of 2.10% gross/AER with interest paid annually* • Available from 18th July 2014 • Monthly interest option also available paying 2.08% Gross / 2.10% AER • Limited issue postal account • Minimum balance of £1, up to £10m • Withdrawals allowed by post subject to a charge**.

Saga launches new 2-Year Fixed Rate Savings Account Paying 2.10% gross/AER*

Saga Savings today announces the issue of its 2 Year Fixed Rate Savings Account, rewarding savers who deposit a minimum balance of £1 up to £10m with an attractive 2.10% GROSS / AER* fixed with interest paid annually. 

The new, limited issue, account is available from 18th July and customers will be able to access funds by post subject to a charge**.

Andrew Strong, chief executive, Saga Personal Finance, commented: "This new attractive rate is ideal for savers who want peace of mind with a set rate of interest.

"As with all of Saga’s accounts there is the option for people to receive their interest monthly or annually, which is key for many over 50s who rely on their savings to boost their monthly income."

Full rate details are in the table below:

     Annual Interest
 Monthly Interest
Term
 Minimum Balance
Gross* % 
Net %
AER%**
 Gross* %
Net %
AER %
 2 Year
£1  2.10 1.68
2.10
2.08
1.66
2.10
 

For further information regarding Saga Savings accounts, please visit www.saga.co.uk/savings or call 0800 111 4935.    

Ends


Notes to Editors
*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. Gross is the contractual rate of interest payable before the deduction of income tax at the rate specified by law and is a code of conduct requirement for the advertising of interest bearing accounts..

** The charge for withdrawing funds before maturity of the account varies depending on the length of the remaining term at the time of withdrawal. If there is 1 year or less remaining it is equivalent to 90 days gross interest.  If there are up to 2 years remaining it is equivalent to 180 days interest gross interest. The charge will be taken from the account balance, and depending upon when the withdrawal is made may result in getting back less than originally deposited.

About Saga Savings

Saga offers savings accounts to suit all needs, including fixed rate savings and ISA accounts:
• All accounts offer the option to have interest paid monthly or annually
• Saga Savings accounts are available to UK residents over 50
• All Saga Savings accounts are provided by Birmingham Midshires, a division of Bank of Scotland which is authorised for accepting deposits by the Financial Services Authority.

For further information regarding Saga Savings accounts, please visit www.saga.co.uk/savings or call 0800 111 4935.    

The deposit-taker for Saga Savings Accounts is Birmingham Midshires, a division of Bank of Scotland plc, which is authorised for accepting deposits by the Financial Services Authority. It is entered on the FSA Register and its number is 169628. Registered office: The Mound, Edinburgh, EH1 1YZ (Registered in Scotland No. SC327000).

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